Kevin Norrish
Kevin Norrish
both demand erosion massive mild moving sides time weather
It's moving up and down. We've got an erosion of the idea that there has been massive demand destruction while ... at the same time you have got some pretty mild weather on both sides of the Atlantic.
behind changes easy inventory strong sucked weekly
It's easy to get sucked into weekly changes in inventory level, but behind that, we still have very strong demand.
dramatic explosive increase oil prices rise seen spread
It's because we've had such an explosive rise in heating oil prices -- I don't think we've ever seen such a dramatic increase in the spread between heating oil and crude.
extremely focused gasoline markets product remain weak weakness
US product markets remain extremely weak at present, with most of that weakness focused in gasoline markets.
continued four gather last level normal oil patterns politics relative risen shadows
U.S. oil inventories have risen rapidly, relative to normal patterns over the last four weeks. At the level of politics and geopolitical risks, the shadows have continued to gather and darken.
firm meet million projects stream
There are not enough firm projects on stream to meet 1.5 million bpd (demand growth).
couple cut days later less market past perceived price production reacting strength weakness
Paradoxically, the price strength of the past couple of days makes a production cut ... less likely, ... If OPEC does cut production it will be reacting to perceived weakness in market fundamentals later on this year.
breaks cut explicitly highest per price record
At US$63.92 per barrel, this breaks the record for the highest WTI price at which a cut has been explicitly called for.
buying definitely oil order resources ship
This is definitely not about buying up oil resources in order to ship the oil into China.
capacity fully katrina large log rather severe showing signs system top
The U.S. refinery system has been showing signs of severe tightness. The shut-in of refining capacity from Katrina is then not so much a straw, but rather a large log on top of an already fully laden camel.
course currently expected fallen figures inventory iranian keeping market meeting oil potential prices release since situation wednesday worse
Oil prices have fallen since the release of worse than expected US oil inventory figures on Wednesday but the potential for the Iranian situation to worsen during the course of the IAEA meeting currently underway is keeping oil market participants wary.
attacks dominated markets oil remains sentiment
Oil markets sentiment remains dominated by the escalation of attacks in Nigeria.
aim basket economy global past performance price reasonable target
OPEC has become emboldened by the performance of the global economy in the past year, so a $50 OPEC basket price has become a reasonable target for them to aim at.
focus inventory market move upwards
If it weren't for the market's focus on short-term inventory data, the market would be a lot higher. We're retracing, even if the move upwards was not as big as it could have been.